LAB Group provides LABform, a KYC, AML and Compliance Software-as-a-Service platform that facilitates investor on-boarding, electronic signing and identity verification to over 40 Australian Financial Services Licensees. LABform also supports white label and financial planner distribution to support the authorised representative and dealer group investor application process.
LAB Group has been working with Domacom since September 2015 and since then has been deploying the LABform technology across Domacom’s direct investor and partner channels. Now in its fifth week, Domacom’s Kidman Station crowdfunding proposal is utilising the investor on-boarding distribution capabilities of LABform to facilitate this via dealer Interprac who is offering financial advice to investors interested in the proposal.
Nick Boudrie, LAB Group’s Co-founder and Managing Director talked about the engagement experience with Domacom: “Book builds and similar initiatives usually require rapid deployment due to demanding timeframes so Domacom needed Interprac able to facilitate investment into Kidman Estate very rapidly. As a simple maintenance task, a new adviser code for Interprac was established and any associated customisations for data capture and workflow were configured and deployed”.
The investor application has already raised $50 million and the approaching 3,000 expressions of interest are able to be bulk loaded into the on-boarding process using LABform interfaces that allow data to be both sent to and received from the on-boarding framework.
Nick Boudrie went on to say: “Once a licensee’s core instance of LABform is deployed and configured, it becomes simple to setup distributed and varied processes within that and to utilise interfaces to facilitate requirements for time critical activities such as book builds, data remediation, data maintenance, re-distribution of disclosures, bulk switching and product cross sell”.
